FBAA in Beneficial Talks with Minister for Small Business

The Finance Brokers Association of Australia (FBAA) continues to lobby Government decision-makers and remains confident brokers won’t be unfairly disadvantaged by planned changes to the funding model for industry regulator ASIC.

Invited to a private dinner with Minister for Small Business and Assistant Treasurer Kelly O’Dwyer this week, FBAA’s Peter White revealed that the one-on-one discussions with the minister were extremely positive.

“I can’t say too much at this stage but I am told the proposed changes to the structure and tiering of fees for funding ASIC will not have an adverse effect on brokers themselves and I was heartened to hear the minister say they have listened to our concerns and reassessed this issue.”

“More will be known about the new ASIC funding model but we will just have to await the ASIC capability review currently being finalised by Treasury.”

Mr White revealed he was also able to personally present the broking industry’s concerns over the ongoing ASIC review into broker commissions and is confident his remarks won’t fall on deaf ears.

“This is all about understanding on both sides but from our end, it is vital we tell them the regulations and practices we have in place to eliminate any need for potential changes to commission or more stringent regulations.”

The FBAA also revisited with Minister O’Dwyer, the pressing need to get lenders mortgage insurance disclosed in brokers’ personalised key fact sheets, while also updating her on the progress of its ASIC submission into the review of flex commissions impacting the motor vehicle industry.

“It was an extremely beneficial evening with open and clear dialogue between the parties.”